Duquesne Family Office portfolio has 30
positions with the top three accounting for around ~38% of the portfolio.

Stanley Druckenmiller’s portfolio value decreased ~10% this
quarter from $2.20B to $1.98B. The pattern of very high turnover QoQ continued
- many positions were dropped and new ones added. The nimble trading is typical
of the trend-following style. To know more about Druckenmiller's trading style
check out Trend Following: Learn to Make
Millions in Up or Down Markets.

Below is a spreadsheet that highlights the changes to
Stanley Druckenmiller's Duquesne Family Office US long stock portfolio as of Q4
2017. For a look at how his portfolio has progressed, see our previous update:

The largest three individual stock positions are
Deckers Outdoor, Terex Corp., and IAC Interactive and they add up to ~42% of
the portfolio.

Mick McGuire’s 13F portfolio value increased ~24% from $877M
to $1.09B this quarter. The increase was primarily due to an offsetting
position in Buffalo Wild Wings PUTs. Recent 13F reports show ~20 individual
stock positions. The top five stakes are Deckers Outdoor (DECK), Terex
Corporation (TEX), IAC Interactive (IAC), DXC Technology (DXC), and Itron Inc.
(ITRI) and they add up to ~53% of the 13F portfolio.

Note 1: In December 2017, they lost a proxy battle with
Deckers Outdoor. Regulatory Filings since the quarter ended show them no longer
holding shares in Deckers Outdoor.

Note 2: In September 2017, McGuire said he expects Terex
Corporation shares to triple although it has already doubled since he first
invested in July 2016. Shares were trading in the low-40s at the time. It
currently trades at $49.33.

Note 3: Regulatory Filings since the quarter ended show them
no longer holding shares in Buffalo Wild Wings. The Arby’s merger resulted in
consideration of $157 per share in cash. Prior to that, Marcato also exercised
950K shares in PUT options thereby disposing of the vast majority of the 992K
share position.

Below is a spreadsheet that shows the changes to Mick
McGuire's Marcato Capital US long portfolio holdings as of Q4 2017. For a look
at how the portfolio has progressed, see our previous update:

Baker Brothers’ 13F portfolio
value decreased from $12.33B to $11.54B. The number of positions increased
from 121 to 123.

BioMarin Pharmaceutical Stake
was increased during the quarter.

The top-three positions are Incyte Corporation,
Seattle Genetics, and Alexion Pharmaceuticals and they add up to almost ~58% of
the portfolio.

This article is part of a series that provides an ongoing
analysis of the changes made to Baker Brothers’ 13F portfolio on a quarterly
basis. It is based on Baker Brothers’ regulatory 13F
Form filed on 02/14/2018.

This quarter, Baker Brothers’ 13F portfolio decreased ~6%
from $12.33B to $11.54B. The number of holdings increased from 121 to 123. The
top three holdings are at ~58% while the top five holdings are close to ~71% of
the 13F assets: Incyte Corporation (INCY), Seattle Genetics (SGEN), Alexion
Pharmaceuticals (ALXN), Acadia Pharmaceuticals (ACAD), and BioMarin
Pharmaceuticals (BMRN).

The spreadsheet below highlights changes to Baker Brothers’
13F holdings in Q4 2017. For a look at how the portfolio has progressed, please
see our previous
update: